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Prepare Income Statement and Balance Sheet from the following Accounts payable 249,750 Accounts receivable 777,000 Accumulated...

Prepare Income Statement and Balance Sheet from the following

Accounts payable 249,750
Accounts receivable 777,000
Accumulated depreciation 416,250
Advertising expense 55,500
Allowance for doubtful accounts 57,665
Bad debt expense 41,070
Capital gains 12,210
Capital stock (common) 999,000
Cash 376,623
Charitable contributions 29,970
Compensation expense 1,443,000
Cost of goods sold 921,300
Depreciation expense 22,200
Dividends (paid) 88,800
Dividends (received) 13,320
Entertainment expense 6,771
Equipment 832,500
Federal income tax expense 278,388
Gain from disposition of fixed assets 4,496
Interest expense 68,820
Interest income 16,650
Inventory 1,914,750
Investments in state & local bonds 155,400
Investments in stock 305,250
Investment in U.S. government bonds 77,700
Land 3,052,500
Maintenance expense 22,200
Meals expense 9,047
Miscellaneous expense 45,510
Mortgage payable 1,703,961
Other assets 299,700
Other current liabilities 146,520
Other liabilities 205,350
Other taxes expense 62,160
Pension plans expense 46,620
Professional services expense 35,520
Property tax expense 44,400
Retained earnings (1/1/2019) 3,518,700
Sales 3,796,700
Sales returns & allowance 46,620
State income tax expense 72,150
Supplies expense 9,102
$11,140,571 $11,140,571

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ekkarill92 answered 3 years ago
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